Malaysian state oil giant Petronas has announced that its chairman, Tan Sri Ahmad Nizam Salleh, will be retiring from the company and its board after having served his three-year contractual tenure.

Tan Sri Ahmad Nizam will pass the Petronas chairmanship baton to Tan Sri Mohd Bakke Salleh. Tan Sri Mohd Bakke currently serves the company as an independent director as well as the chairman of its risk committee and a member of its audit committee. His appointment takes effect from August 1, 2021.

Before assuming the role of Petronas chairman, Tan Sri Ahmad Nizam had served the company in various leadership positions for 37 years. He was one of the key players in facilitating the commercial settlement deal between Petronas and Sarawak over the imposition of state sales tax for petroleum products as well for the resolution of other oil and gas matters.

Upon his retirement, he will assume the role of chairman of Pelaburan Hartanah. He remains as chairman of the KLCC group of companies, which includes the KLCC Stapled group that comprises KLCC Property Holdings and KLCC Real Estate Investment Trust.